The "business case for diversity" stem from the progression of the models of diversity within the workplace since the 1960. The original model for diversity was situated around affirmative action drawing strength from the law and a need to comply with equal employment opportunity objectives. This compliance based model gave rise to the idea that tokenism was the reason an individual was hired into a company when they differed from the dominant group. This primarily included race, ethnicity, and gender. Although affirmative action is the law, in most cases, US employers are prohibited by federal and state laws from giving race or ethnicity any consideration in hiring or assigning employees, including hiring to fill diversity quotas. However, the US Supreme Court has upheld the use of limited preferences based on race, ethnicity, and sex, when there is a “manifest imbalance” in a “traditionally segregated job category.” The social justice model evolved next and extended the idea that individuals outside of the dominant group should be given opportunities within the workplace, not only because it was the law, but because it was the right thing to do. This model still revolved around the idea of tokenism, but it also brought in the notion of hiring based on a "good fit". From social justice developed the model of representation and diversity acceptance where the scope of diversity expanded beyond gender, race and ethnicity to include age, sexual orientation, and physical ability. Today, the diversity model is one of inclusion which reflects a globalized economy and multicultural work force where value is placed on diversity of thought, and the perspectives shared from individual standpoints are seen to benefit organizations that are savvy enough to capitalize on them. The business case for diversity theorizes that, in a global marketplace, a company that employs a diverse workforce, is better able to understand the demographics of the marketplace it serves and is thus better equipped to thrive in that marketplace than a company that has a more limited range of employee demographics.

A business (also known as enterprise or firm) is an organization engaged in the trade of goods, services, or both to consumers. Businesses are predominant in capitalist economies, where most of them are privately owned and administered to earn profit to increase the wealth of their owners. Businesses may also be not-for-profit or state-owned. A business owned by multiple individuals may be referred to as a company, although that term also has a more precise meaning.

The etymology of "business" relates to the state of being busy either as an individual or society as a whole, doing commercially viable and profitable work. The term "business" has at least three usages, depending on the scope — the singular usage to mean a particular organization; the generalized usage to refer to a particular market sector, "the music business" and compound forms such as agribusiness; and the broadest meaning, which encompasses all activity by the community of suppliers of goods and services. However, the exact definition of business, like much else in the philosophy of business, is a matter of debate and complexity of meanings.